TEN QUESTIONS TO ASK BEFORE YOU BUY A HOUSE
Buying a home is a tedious task in itself. It is a time consuming process requiring you to do thorough research before making the final decision. Be it investing in a property to create wealth with time or gifting your family a dream home, one should never haste. To ease out the burden, we bring 10 questions that every potential buyer needs to answer before taking the final call. These questions shall guide you in your decision making.
1. Does the house fit in my Budget?
One of the prime factors of buying a house is your budget. If you like a house, however good, should fit in your budget.
One must take into account the locality of the project, check if the basic necessities like market place, school, and hospitals are located in the vicinity and also see if it is conveniently located near major commuting hubs like bus depos, railway stations, metro stations, high-ways etc.
3. What all features and specifications are offered by the builder?
Check out all the features, area of the flat and specifications of the project as given by the builder. Also see if the amenities offered are meeting yours and your family’s requirements. It is very important to understand which of them are of actual use.
4. How is the developer’s reputation in the market?
It is the duty of a buyer/investor to check the developer’s history and market reputation. It is advised to visit the old projects by the same builder to check the quality of the construction. Knowing the history of the builder helps you from falling prey to fraudulent dealings.
5. Is there Parking space available?
Parking space has increasingly become a concern nowadays. You need to check if adequate parking space is allotted for each flat such that in future the open areas are not taken up for parking spots. Most developers also provide special slots for visitors’ parking which is an added advantage. Certain premium projects offer 2 parking spots for every flat too.
6. Is the locality facing water issues?
As we are aware of the water crisis that the country is reeling under off lately, you need to ensure that the developer has taken proper measures such as installing water tanks, given provision for borewell, given provision for rain water harvesting etc; to aid during any future crisis.
7. Will the developer provide flat possession on the promised date?
Discuss with the developer about the delivery time-line of their past projects which can make you totally sure that he/ they will provide the possession of your flat on the date promised to you at the time of buying.
8. Are there any add-on costs?
Take into account the additional charges like stamp duty registration charges, parking charges, service tax etc which need to be considered while formulating your total budget.
9. Can you afford the home loan EMI?
Home loan EMI’s should be about 40% of your net income if in case you haven’t taken any other loans since a high EMI outgo could put your family budget under pressure. So you need to first ensure if you can afford the EMI.
10. Does the society/complex offer Security?
Security is a major concern for many of the housing complexes these days. So before proceeding, first thing you need to ensure that the builder has provided proper security. Almost all builders provide 24 hour security as a mandate.